By 2011, we owned and managed 5,000 apartment homes and meaningfully accelerated our plans to build a company that could deliver unique value to both our residents and partners. Hopefully, he won't be too critical of my leadership style during our discussion in a couple weeks. It's about starting with a process through testing, we use an industrial psychologist to do all this work. Addison, TX. (855) 231-0937. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. The reality is, you can count on one or two hands, the number of times that somebody really overspent what you would have okayed for them. Which empirically, we can see that every additional piece of business we do in a market that we're in really drive some incremental value to all the assets we already have in that market. Check out . I do miss that piece. You can live in an apartment, or you can live at Cortland. You just raised your fifth closed end fund. But Cortland really focused on that. Find Related Places. A lot of the things we talked about today and the differences between us and maybe some of our competitors is, we really look at the business as a consumer facing operating business that happens to need capital as opposed to a capital business that happens to somewhere down the hall have some property operations. And then, all of those calls come into a central location. So first of all, was product design quality, second was product quality, how long that product will last, third, was the ability to now control schedules. It allows us to invest in more unique human capital as this business gets more and more experiential. We talked a lot about how we're going to make mistakes and that's okay, just try not to make them more than two or three times each. You go through a talent selection process that is, I would put forth, more rigorous and more focused than many companies that I interact with on a consistent basis. And then, use a good strong local team that can take that data and take what they know about what's going on in every part of their market, every day, it just allows us to be better at choosing where to lean into what we're offering versus throwing a dart at a board and hoping that this deal works. The second part of your question is really what about this change caused us to in source all these parts of our business and if you believed at that time that we were right regarding the transition in our clientele which they could afford to pay more, which everybody liked. See All 79 interviews. As it relates to the first part of your question, the fit and finish side and for our customers. Copyright 2017-2020 Walker & Dunlop, Inc. . We're here to help our residents, clients, and communities across the globe. Pay Online. My team is showing your team, your team has underwritten, I think Altman said to me in the last three years, the acquisitions team at Cortland is underwritten something over 2,500 assets. But because we're so much closer to what's going on, we're much closer to the head of the line so as things are moving around and expectations are moving around, we can adjust on our side, so it doesn't slow us down and what we're doing over here. Anyway, two things came out of that; one was just the sheer volume of under supply that we were going to be met with when the economy recovered or began to recover. Steven explains Cortlands decision to invest in research into where the market was going as the recession continued, and about the companys pivot in terms of clientele and customer focus. The company employs more than 2,000 associates; it also owns and manages over 65,000 units, with a pipeline that will push this number to over 70,000 by the end of the year. 346-206-1014. So, talking about engaging interaction discussions it's a true pleasure for me to have my friend and amazing CEO Steven DeFrancis joining us today. Argentina. Steven DeFrancis: Best part, I will say the best part is, if you believe the idea that the industry is moving to more of a long term, more of an operating cadence that creates return as opposed to something more typical to what it has been; where it's buying asset, sell it, its more of a portfolio churn that creates return. So, a lot of the system and work we're doing around is preventative maintenance and systemizing all of that process to keep that stuff from happening. Sincerely, Mary S. Community Manager. It's just not something people want to deal with, but it's necessary. One of the things we knew early on, if we were going to be best in class at creating a living experience and customer delight, what we had to do first was make this a best place to work. As you sit there and think about the next 10 years, what's more important to you; continuing to build on the capital formation side or continue to stick at, it's day-to-day operations and the blocking and tackling that actually brings the capital? We will get back with you shortly. They are then sent to a warehouse where the products are broken down and rearranged by project and unit. Cortland Legacy is a short distance from incredible shopping, dynamic entertainment and several outstanding sporting venues. But a lot of people at that time may have seen the demographic shifts coming, thought that the demographics behind multifamily were really strong, but didn't take the component parts that you just talked about as it relates to a focus on the customer experience. And then on the broader question any thoughts about taking the model and expanding it out? Say yes to a career you love. Well guide you through the process. 4:42 - What led Cortland to shift? Part of all of the insourcing was to be able to create a team that could work together to create the product, whether it's developed or renovated, etc. Whether it was marketing or sales or pest control or landscaping all these services you could buy on a per unit basis, but at the end of the day it was really efficient from an execution standpoint, but it was really inefficient from a customer service standpoint, because now effectively, you were handing over that relationship with your customers to this whole cadre of third-party vendors, which inevitably, as you can imagine, just lead to really poor service and poor execution. I can only imagine, Steven, that during the pandemic as hotels and office buildings were sort of sitting on the sidelines and weren't trading because nobody really wanted them, there were opportunities for you to step in and use your act rehab capabilities to convert a hotel, for instance, into a multifamily property. Willy Walker: So, in hindsight, and now that you've got huge scale and a big brand and incredibly successful that all makes perfect sense. Willy Walker: One of the things that you talked about standardization in the sense of the experience from a client standpoint. Our Services Affordable Senior Housing From apartments designed for independent living, to housing for seniors transitioning out of nursing homes, to cottages for the memory-impaired and their caregivers, our housing enables seniors to live, and age, where they choose. (972) 895-6650. We then were able to start investing in those folks, training them better, creating better career pathways so they didn't feel like they were just going to be the service manager of location 22 forever which then creates more energy, as you can imagine, within that group. We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. Cortland's team is comprised of people committed to challenging the standards of conventional apartment living. . The Business Office Manager oversees the Accounting and Human Resources functions as well as handles recruitment, retention, new hire orientation, benefits administration, payroll, and general. There were a lot of nights where I thought maybe theyre right. As it drug on and we got into the middle of 2009 and we had been playing defense for two years, at that point, we decided to do a pretty significant research project to try to, the goal was to try to determine where the market was going. Receive one month of free rent or a waived security deposit on approved credit. However, Steven hasnt considered expanding beyond housing. Fri: 9am - 5pm. I have strong belief that if we continue to perform for the capital, they're going to find us. Your submission was successful. Email Formats. Printer Friendly View Address: 420 W Slaughter Ln Austin, TX, 78748-1692 United States . University of Georgias Terry College of Business, Atlanta Neighborhood Development Partnership, National Multifamily Housing Council top 50 owner and manager, 7501 Wisconsin Avenue, Suite 1200E, Bethesda, Maryland 20814. It took us a while to really start rolling out the brand. Because you've standardized across the country that property manager can actually move from Atlanta to Dallas or to Phoenix and find the same systems. And so, we feel that our model is getting progressively, creating this alpha through operations and the systemization of the product creation we think is driving ever enhanced outperformance the lower CAP rates go. The market today is as white hot as we've ever seen it Steven you know that very well. We had great success, but we think that was more a function of market timing and luck than it was that business model made sense for us. But there are few who've been able to create the capital formation capabilities that you have at Cortland. It doesn't have to be brand new. BBB is here to help. We all had one agenda. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. So, instead of calling in the more traditional model where if you're looking for an apartment in Denver and you call one of our locations in Denver, if they can't help you, which is fairly likely, because all the properties sit at 95% occupied. What is it other than to be honest your fantastic leadership that's allowed for the Cortland culture to build to be what it is? The Residence Life and Housing Office at SUNY Cortland is committed to providing safe, civil, and vibrant living communities in support of our academic mission. As you know, Willy, from your business you've done a great job with this. Steven earned his bachelor's degree in real estate from University of Georgia, Terry College of Business. Willy as you're aware, based upon a lot of the work we've done together, in those early years we were raising almost all of the LP capital through a preferred structure, because frankly the LPs thought what we were doing made no sense. Steven DeFrancis: That is correct. We sort of felt like we had to assume the market would recover, because if that didn't happen, we had a much bigger problem. Mon: 9am - 5pm. But I want to go back to 2010 when you owned, I think 1,200 units and had a whopping eight people inside of Cortland or just the next year when you'd actually grown dramatically from 1,200 units to 5,000 units. So after a while of fighting that battle, we finally decided to you know we hired Darla Dylan who was working for one of the companies that we had hired on third party basis and Ill never forget; we were like okay Darla is coming in she's going to do all of our interior design hundred percent of it we're going to have it no problem. Willy Walker: Well, as I said at the top of our discussion, the partnership between W&D and Cortland has been a big part of our success over the last decade and Im deeply appreciative of it and Im also appreciative of you taking the time to join me today and talk about how you've made Cortland the success that it is today. While the recruitment process is rigorous, it yields a workforce well suited to particular jobs. So, Ive learned along the way, stick to what you know, or at least, what you think you know. Then the second piece is once they get in you've created a culture at Cortland that is very unique. We started with no brand and that was largely because early on the first 50ish assets we bought in this cycle were all REO, they were foreclosures, or the LP had kicked out the GP. Please reach out to me directly at 214.496.0727, or email me at mary.stevens@cortland.com. Cortland developed an associate-first culture, which is needed for excellence in customer service. 3.7 (114 reviews) Verified Listing. Resident Questions You have to set up the infrastructure and the culture of being an associate first organization if you're ever going to be best in class in customer service or customer experience. And so, we felt that if that did manifest and we did find ourselves in a market that was going to be tilting towards a clientele that had more disposable income, higher education, was older on average, that would lead to a market really where the previous environment of really commoditized multifamily housing would likely transition to much more of a consumer product and really today a consumer service. So, lot of room to grow in the business that we're doing. To everyone who listened in today, I hope you enjoyed our discussion and I look forward to seeing everyone back next Wednesday on another version of the Walker Webcast. Office (0) Den (0) Yard (6) Clubhouse (32) Business Center (32) Controlled Access (32) Playground (0) Willy Walker: If you're only successful, and by only, it's a very relative term, on 4% of the deals that you underwrite. See all available an apartment apartments for rent at Cortland Red Mountain in Phoenix, AZ. And began to build that team, which has been a great add to the organization. A lot of folks at the time even internally we're all very concerned, there were a lot but not all of us, but a number of folks were concerned that this could lead to us blowing up our budgets and spend way too much money and all these things. After having done over 60 Walker webcasts all remote, it will be super fun to sit down with my guest one on one and have an engaging, interactive discussion. Willy Walker: And anything on the downside, as it relates to anything from the small company touch and feel that you miss or anything that sort of says man, I wish I could go back to doing that, but my job today just didn't, allow me to do it? Im gonna start the second piece and then go to the fit and finish piece. A lot of effort on the front end around considering talent before bringing them in and then a lot of focus on supporting our talent once they're here. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. Cortland Headquarters and Locations - Learn more about Cortland's locations by map by and/or jobs. Steven DeFrancis: Well, obviously there is an enormous amount of capital looking to get into multifamily which is driving down the CAP rate environment. Customer Reviews are not used in the calculation of BBB Rating. That's extremely inefficient, building buildings, renovating buildings, especially renovating buildings that are full of customers, it's fraught with peril. Tenant tried to remedy with on-site management **************************************** and off-site supervisor *************************************** The tenant currently has a 6 month lease (with 4 months remaining) and was offered a free transfer to relocate to another unit, however management now says it's contingent on a 13 month lease and a market increase on rent, to solve a ongoing noise complaint, which is pure greed and no regard for the tenants health and safety. By controlling that process, you now could control the quality of the product, and the difference in a really high-quality fixture versus the lowest builder grade stuff we were used to seeing it was literally single percent cost difference because you spent so much of the landed cost in the US went to logistics and shipping the amount of cost that went into the actual product is really pretty small. Allen, TX 75013-5259. Wed: 9am - 5pm. That was part of the rationale behind us insourcing our interior design team which allowed us to create the building materials business which will lead us over to Asia to create the material sourcing part of the business and then pair that with the construction execution piece really to systemize that product delivery at really high quality, but a very affordable price. To this end, the company has developed a unique approach of internalizing the majority of its functions. staff definitely needs a to be looked at thoroughly. So, it was a combination of having product on hand, rushing product into manufacturer soon as the plants reopened in Asia. Let's back up a little bit too when you founded Cortland in 2005 as a small development firm focused on in-town development in in Atlanta and then during the great financial crisis changing from being a local developer to focusing on acquiring and renovating communities across the country. What was the impact, going to be from the meltdown of a single-family mortgage crisis? Fill out the form or view our office locations and phone numbers to get in contact with us today. 51:39 - Will Cortlands main focus going forward be service or capital? There are 10,000 things that can go wrong, and again they will, and so what we felt strongly was to systemize that process to allow us to be able to have a lot of throughput. Speaking of life lessons, we have Bob Glazer renowned TED talk speaker and Acceleration Partner Founder joining us next week. Much of the companys systematizing is preventative maintenance, but Steven and his colleagues also realized years ago that, while not everyone can afford a very expensive home, nearly everyone has pride in where they live. Thank you, Steven. Photos. What's the best part of that? Senior Lifestyle Corporation 55 2.8 Write a review Snapshot Why Join Us 558 Reviews 143 Jobs 1.4K Salaries 104 Q&A Interviews 14 Photos Want to work here? By progressively cutting out middlemen, standardization became easier and costs lower. The company employs more than 2,000 associates and owns and manages over 65,000 units today with a current acquisition pipeline that will push that number over 70,000 by the end of the year. 42:08 - Willy and Steven talk about the market now and Cortlands strategy. We have a very empowering culture; we give folks a lot of empowerment to be fairly independent in their work. What did Steven and his colleagues see, Willy wonders, that led to the shift? So, part of it is the intellect testing, that's more of the straightforward part, and part of it is the personality and making sure that we're getting folks with the right personality to meet the job that they're going to do. Then you have a much lower failure rate and then a better system of maintaining that product so you know when you have something that's been repaired three times for the same problem you're probably going to have an issue. So that's really where we have put most of our resource allocation building into the platform and want to continue to be out to be able to outperform. Cortland turned to insourcing, too, to control all touchpoints with customers. Website. That was a bit of a change for us, and I think a lot of folks in multifamily over this cycle. From New York to Miami and beyond, we create places where residents feel equally at home and inspired. 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